YAZICILAR HOLDİNG ANONİM ŞİRKETİ

CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED CONDENSED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 JUNE 2011 TOGETHER WITH AUDITOR S REVIEW REPORT (ORIGINALLY ISSUED IN TURKISH)

CONVENIENCE TRANSLATION INTO ENGLISH OF AUDITOR S REVIEW REPORT ORIGINALLY ISSUED IN TURKISH REPORT ON REVIEW OF CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS To the Board of Directors of Yazıcılar Holding A.Ş. Introduction 1. We have reviewed the accompanying consolidated condensed interim balance sheet of Yazıcılar Holding A.Ş., its subsidiaries and joint ventures (collectively referred as the Group ) as of 30 June 2011, and the related consolidated condensed statements of income, comprehensive income, changes in equity and cash flows for the six-month period then ended. The Group management is responsible for the preparation and fair presentation of these consolidated condensed interim financial statements in accordance with the financial reporting standards endorsed by the Capital Markets Board of Turkey. Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on our review. Scope of Review 2. We conducted our review in accordance with the principles and standards on the review of interim financial statements as set out in Section 34 of the Comminuque No:X-22 on the auditing standards issued by the Capital Markets Board. A review of interim financial statements consists of making inquires, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with independent auditing standards accepted by the Capital Markets Board and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an independent audit opinion. Conclusion 3. Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated condensed interim financial information is not prepared, in all material respects, in accordance with financial reporting standards endorsed by the Capital Markets Board (Note 2). Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. a member of PricewaterhouseCoopers BJK Plaza, Süleyman Seba Caddesi No:48 B Blok Kat 9 Akaretler Beşiktaş 34357 İstanbul-Turkey www.pwc.com/tr Telephone: +90 (212) 326 6060 Facsimile: +90 (212) 326 6050

Additional Paragraph for Convenience Translation into English 4. The accounting principles described in Note 2 to the consolidated condensed interim financial statements (defined as the CMB Financial Reporting Standards ) differ from International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board with respect to the application of inflation accounting for the period between 1 January - 31 December 2005 and presentation of basic financial statements and the notes to them. Accordingly, the accompanying consolidated condensed interim financial statements are not intended to present the financial position and results of operations in accordance with IFRS. Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. a member of PricewaterhouseCoopers Burak Özpoyraz, SMMM Partner Istanbul, 26 August 2011

Interim Condensed Consolidated Financial Statements as of TABLE OF CONTENTS Page Interim Consolidated Balance Sheet...1-2 Interim Consolidated Income Statement... 3 Interim Consolidated Comprehensive Income Statement... 4 Interim Consolidated Statement of Changes in Equity... 5 Interim Consolidated Cash Flow Statement... 6 Explanatory Notes to Interim Condensed Consolidated Financial Statements (Notes)...7-48 Note 1 Organization and Nature of Activities...7-9 Note 2 Basis of Presentation of Financial Statements...9-13 Note 3 Business Combinations... 13 Note 4 Joint Ventures...14-15 Note 5 Segment Reporting...15-20 Note 6 Cash and Cash Equivalents... 20 Note 7 Borrowings...20-21 Note 8 Investments Accounted Through Equity Method...22-23 Note 9 Property, Plant and Equipment...24-25 Note 10 Intangible Assets... 26 Note 11 Goodwill... 27 Note 12 Provisions, Contingent Assets and Liabilities... 27 Note 13 Commitments...28-30 Note 14 Equity...30-32 Note 15 Operating Expenses... 33 Note 16 Other Operating Income/Expense... 34 Note 17 Financial Income... 34 Note 18 Financial Expenses... 35 Note 19 Tax Assets and Liabilities...35-36 Note 20 Related Party Balances and Transactions...37-41 Note 21 Financial Instruments, Nature and Level of Risks Arising from Financial Instruments...42-46 Note 22 Subsequent Events... 47 Note 23 Banking Loans... 47 Note 24 Banking Customers Deposits... 48 Note 25 Funds Borrowed... 48

INTERIM CONSOLIDATED BALANCE SHEET (Currency Thousands of Turkish Lira (TRL) unless otherwise indicated) Reviewed Audited Notes December 31, 2010 ASSETS Current Assets 4.830.507 3.836.404 Cash and Cash Equivalents 6 756.380 509.836 Financial Instruments 205.280 116.060 Banking Loans (net) 23 3.253.618 2.788.932 Trade Receivables (net) 208.289 90.948 Financial Lease Receivables (net) 127.951 119.463 Derivative Financial Instruments 31.562 4.485 Due From Related Parties (net) 20.2 21.268 15.046 Other Receivables (net) 34.431 34.573 Biological Assets (net) 11.780 10.708 Inventories (net) 108.778 87.637 Other Current Assets 71.170 58.716 Non-Current Assets 3.330.179 2.816.167 Financial Instruments 621.471 492.216 Banking Loans (net) 23 630.634 434.995 Financial Lease Receivables (net) 120.230 122.850 Derivative Financial Instruments 4.517 404 Due from Related Parties (net) 20.2 6.100 5.205 Other Receivables (net) 23.215 18.398 Investments Accounted Through Equity Method 8 1.304.545 1.228.063 Goodwill (net) 11 35.344 35.344 Assets Held For Sale (net) 33.973 32.787 Property, Plant and Equipment (net) 9 459.202 356.214 Intangible Assets (net) 10 13.130 12.943 Deferred Tax Assets 19.1 36.036 34.498 Other Non-Current Assets 41.782 42.250 TOTAL ASSETS 8.160.686 6.652.571 The explanatory notes form an integral part of these interim condensed consolidated financial statements. (1)

INTERIM CONSOLIDATED BALANCE SHEET (Currency Thousands of Turkish Lira (TRL) unless otherwise indicated) Reviewed Audited Notes December 31, 2010 LIABILITIES Current Liabilities 5.132.834 3.799.609 Short-Term Borrowings (net) 7 128.223 103.892 Current Portion of Long-Term Borrowings (net) 7 177.199 100.705 Trade Payables (net) 82.591 70.121 Banking Customer Deposits 24 3.624.361 2.658.295 Funds Borrowed 25 822.588 624.604 Blocked Accounts 83.703 94.285 Due to Related Parties (net) 20.3 182 1.005 Other Payables 32.682 27.307 Provisions 12 21.721 15.501 Income Tax Payable 19.3 5.307 1.792 Derivative Financial Instruments 22.367 11.913 Provisions for the Employee Benefits 20.605 16.867 Other Current Liabilities (net) 111.305 73.322 Non-Current Liabilities 577.825 551.870 Long-Term Borrowings (net) 7 66.474 105.272 Trade Payables (net) 221 - Banking Customer Deposits 24 7.896 6.788 Funds Borrowed 25 457.793 404.422 Other Payables 355 334 Derivative Financial Instruments 1.993 3.255 Provisions for the Employee Benefits 17.537 16.417 Deferred Tax Liability 19.1 25.059 15.153 Other Liabilities (net) 497 229 EQUITY 2.450.027 2.301.092 Equity Attributable to Equity Holders of the Parent 1.914.079 1.786.051 Paid-in Share Capital 14 160.000 160.000 Share Premium 9.474 9.474 Revaluation funds 14 7.443 8.907 Restricted Reserves Assorted from Net Profit 14 18.381 16.063 Currency Translation Differences 74.042 (955) Other Reserves (3.864) (3.864) Net Income 94.495 221.699 Retained Earnings 14 1.554.108 1.374.727 Minority Interest 535.948 515.041 TOTAL LIABILITIES AND EQUITY 8.160.686 6.652.571 The explanatory notes form an integral part of these interim condensed consolidated financial statements. (2)

INTERIM CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2011 (Currency Thousands of Turkish Lira (TRL) unless otherwise indicated) Notes 01.01.2011-30.06.2011 Reviewed 01.04.2011-30.06.2011 01.01.2010 30.06.2010 Reviewed 01.04.2010 30.06.2010 CONTINUING OPERATIONS Revenue (net) 536.725 298.830 524.893 283.328 Cost of Sales (-) (423.571) (227.587) (430.955) (230.612) Service Income (net) 24.773 11.787 20.428 10.837 Gross Profit from Trading Operations 137.927 83.030 114.366 63.553 Interest and Other Income 238.899 131.825 193.722 90.411 Interest and Other Expenses (-) (111.305) (62.886) (82.956) (40.489) Gross Profit from Financial Operations 127.594 68.939 110.766 49.922 GROSS PROFIT 265.521 151.969 225.132 113.475 Marketing, Selling and Distribution Expenses (-) 15 (33.207) (19.651) (32.583) (20.709) General Administrative Expenses (-) 15 (127.568) (63.655) (95.777) (45.122) Research and Development Expenses (-) 15 (197) (105) (315) (159) Other Operating Income 16.1 6.023 3.736 8.207 (5.564) Other Operating Expenses (-) 16.2 (47.094) (37.460) (21.156) (17.004) OPERATING INCOME 63.478 34.834 83.508 24.917 Gain/(Loss) from Investments Accounted Through 95.355 72.097 97.052 71.989 Equity Method Financial Income 17 49.743 28.825 43.354 26.439 Financial Expenses (-) 18 (72.905) (43.988) (56.152) (31.322) INCOME BEFORE TAX FROM CONTINUING 135.671 91.768 167.762 92.023 OPERATIONS Tax Expense from Continuing Operations (-) (18.538) (11.454) (12.293) (2.734) - Current Period Tax Expense (-) 19.2 (10.170) (5.563) (13.763) (6.889) - Deferred Tax (Expense)/Income 19.2 (8.368) (5.891) 1.470 4.155 NET INCOMEFOR THE PERIOD FOR CONTINUING OPERATIONS 117.133 80.314 155.469 89.289 Attributable to: - Minority Interests 22.638 12.654 36.305 13.979 - Equity Holders of the Parent 94.495 67.660 119.164 75.310 Earnings per share (full TRL) 0,59 0,42 0,74 0,47 The explanatory notes form an integral part of these interim condensed consolidated financial statements. (3)

INTERIM CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2011 (Currency Thousands of Turkish Lira (TRL) unless otherwise indicated) Reviewed 01.01.2011-30.06.2011 01.04.2011-30.06.2011 01.01.2010-30.06.2010 Reviewed 01.04.2010-30.06.2010 Net Income from Continuing Operations 117.133 80.314 155.469 89.289 Change in revaluation funds of available for sale financial assets, net of tax (435) 267 (278) 8 Currency translation difference 3.053 2.174 (541) (270) Group s share in other comprehensive income of investments accounted through equity method, net of tax 76.672 43.107 (129) (12.147) Other Comprehensive Income/(Loss), (net of tax) 79.290 45.548 (948) (12.409) Total Comprehensive Income 196.423 125.862 154.521 76.880 Attributable to: Minority interests 28.395 16.249 36.008 13.110 Equity holders of the parent 168.028 109.6 13 118.513 63.770 The explanatory notes form an integral part of these interim condensed consolidated financial statements. (4)

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2011 Paid-in Share Capital Restricted Reserves Assorted from Net Profit Currency Translation Differences Attributable to Equity Holders of the Parent Share Premium Revaluation Funds Other Reserves Net Income Retained Earnings Minority Interest Total Equity As of January 1, 2010 160.000 9.474 8.266 14.080 (6.292) - 230.336 1.181.574 1.597.438 475.765 2.073.203 Transfer of net income to the retained earnings - - - 1.983 - - (230.336) 228.353 - - - Dividend paid - - - - - - - (35.200) (35.200) (9.805) (45.005) Effect of change in subsidiary consolidation rate - - - - - - - 38 38 20 58 Minority share purchase of investments accounted - - - - - (1.861) - - (1.861) (129) (1.990) through equity method (Note 3) Other comprehensive (expense) - - (341) - (310) - - - (651) (297) (948) Net income - - - - - - 119.164-119.164 36.305 155.469 Total comprehensive income/(expense) - - (341) - (310) - 119.164-118.513 36.008 154.521 As of 160.000 9.474 7.925 16.063 (6.602) (1.861) 119.164 1.374.765 1.678.928 501.859 2.180.787 As of January 1, 2011 160.000 9.474 8.907 16.063 (955) (3.864) 221.699 1.374.727 1.786.051 515.041 2.301.092 Transfer of net income to the retained earnings - - - 2.318 - - (221.699) 219.381 - - - Dividend paid - - - - - - - (40.000) (40.000) (7.488) (47.488) Other comprehensive income/(expense) - - (1.464) - 74.997 - - - 73.533 5.757 79.290 Net income - - - - - - 94.495-94.495 22.638 117.133 Total comprehensive income/(expense) - - (1.464) - 74.997-94.495-168.028 28.395 196.423 As of 160.000 9.474 7.443 18.381 74.042 (3.864) 94.495 1.554.108 1.914.079 535.948 2.450.027 The explanatory notes form an integral part of these interim condensed consolidated financial statements. (5)

INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2011 Reviewed Reviewed Notes 01.01.2011-30.06.2011 01.01.2010-30.06.2010 Cash flow from operating activities Income before tax from continuing operations 135.671 167.762 Adjustments for: Gain from disposal of property, plant and equipment, and intangible assets (5.629) (184) Depreciation and amortization 9, 10 19.225 20.457 Provision for possible loan losses and impairment in receivables 37.879 15.350 Provision for warranty/(reversal) 12 337 (2.492) Provision for unused vacation liability 1.597 1.497 Provision for employee termination benefits 3.286 2.881 Provision for bonus 2.269 2.375 Other provisions 7.806 2.361 Provision for inventories 129 697 Foreign exchange loss/(gain) 41.969 (20.680) Interest expenses 27.830 8.115 Gain from investments accounted through equity method 8 (95.355) (97.052) Net increase in derivative financial instruments assets (31.190) (1.266) Net decrease in derivative financial instruments liabilities 9.192 1.122 Other non-cash income (2.163) (9) Operating profit before changes in operating assets and liabilities 152.853 100.934 Net increase/(decrease) in financial assets (218.910) 54.000 Net increase in reserve deposits at Central Bank 6 (55.694) (21.019) Net increase in banking loans (685.478) (276.259) Net increase in trade and other receivables and due from related parties (143.052) (70.222) Net increase/(decrease) in inventories (22.342) 17.028 Net increase in other assets (16.661) (20.103) Net increase in trade and other payables and due to related parties 53.592 83.962 Net increase/(decrease) in banking customer deposits 967.174 (16.560) Net decrease/(increase) in blocked accounts (10.582) 17.082 Net increase in assets held for sale (1.186) (4.289) Purchase of motor vehicles for operational fleet leasing business 9 (96.107) (39.057) Proceeds from resale of motor vehicles for operational fleet leasing business 15.070 9.485 Employee termination benefits paid (2.294) (1.757) Taxes paid 19.3 (6.655) (9.546) Net cash used in by operating activities (70.272) (176.321) Cash flows used in investing activities Purchase of property, plant and equipment and intangible asset 9, 10 (33.082) (24.853) Proceeds from sale of property, plant and equipment, and intangible asset 894 2.647 Purchase of financial assets and participation in capital increase (60) (1.572) Net cash used in investing activities (32.248) (23.778) Cash flows provided by/(used in) financing activities Dividends and other cash flows from equity participations 95.607 65.180 Dividends paid to minority interests (7.488) (9.805) Dividends paid (40.000) (35.200) Proceeds from borrowings from banks and other institutions 1.133.118 633.186 Repayments of borrowings and interest from banks and other institutions (879.475) (404.651) Interest paid (-) (10.062) (4.079) Net cash provided by/(used in) financing activities 291.700 244.631 Currency translation on cash and cash transaction 1.670 (494) Net increase in cash and cash equivalents 190.850 44.038 Cash and cash equivalent at the beginning of the period 6 402.657 311.651 Total cash and cash equivalent at the end of the period 593.507 355.689 Interest income 37.311 3.769 Dividend income 26 160 The explanatory notes form an integral part of these interim condensed consolidated financial statements. (6)

1. ORGANIZATION AND NATURE OF ACTIVITIES Yazıcılar Holding A.Ş., a company incorporated in Istanbul, Turkey ( Yazıcılar or the Company ) is a holding company of which majority shares are owned by three Yazıcı families. Three Yazıcı families consist of Mr. Kamil Yazıcı, his two deceased brothers, their wives and children. The Company controls its subsidiaries through Anadolu Endüstri Holding (AEH) in which it has 68.00% stake. Certain shares of the Company are listed on the Istanbul Stock Exchange (ISE). The Company was incorporated in 1976. The registered office address of the Company is Umut Sokak No:12, İçerenköy, Ataşehir, İstanbul, Turkey. The consolidated financial statements as of are authorized for issue by the Board of Directors on August 26, 2011, and are approved by the General Manager Sezai Tanrıverdi and the Finance Manager Yusuf Ovnamak on behalf of Board of Directors. General Assembly and other regulatory institutions have the right to change the financial statements after the consolidated financial statements are issued. Activities of the Group The Company and its subsidiaries will be referred as the Group henceforth for the purposes of the consolidated financial statements. The Group is organized and primarily managed in four principal segments: Automotive (including passenger vehicles, commercial vehicles, generators, spare and component parts, consumer durables); financial services (including banking, leasing, brokerage and investment banking services); retailing (stationery, chain restaurant management, food, information technologies and tourism) and other (trade, asset management, energy). The average number of personnel of the Group is 6.365 (December 31, 2010:6.249). List of Shareholders As of and December 31, 2010 the composition of shareholders and their respective percentage of shareholding rates can be summarized as follows: December 31, 2010 Amount % Amount % Yazıcı Families 62.203 38,88 62.481 39,05 Kamil Yazıcı Yönetim ve Danışma A.Ş. 53.600 33,50 53.600 33,50 Publicly traded (*) 44.197 27,62 43.919 27,45 Paid-in share capital 160.000 100,00 160.000 100,00 (*) TRL 2.906 of the publicly traded portion, which is 1,816% of the paid-in share capital, is owned by Kamil Yazıcı Yönetim ve Danışma A.Ş. (7)

1. ORGANIZATION AND NATURE OF ACTIVITIES (cont d) List of Subsidiaries The subsidiaries included in consolidation and their shareholding percentages at and December 31, 2010 are as follows: Place of incorporation Principal activities Effective shareholding and voting rights % Segment June 30, 2010 December 31, 2010 Anadolu Endüstri Holding A.Ş. (AEH) Turkey Holding company Other 68,00 68,00 Alternatifbank A.Ş. (ABank) (1) Turkey Banking services Finance 61,75 61,75 Alternatif Yatırım A.Ş. (A Yatırım) Turkey Brokerage company Finance 61,75 61,75 Alternatif Finansal Kiralama A.Ş. (ALease) Turkey Leasing company Finance 64,94 64,94 Alternatif Yatırım Ortaklığı A.Ş. (AYO) (1) (3) Turkey Investment company Finance 32,48 32,48 Çelik Motor Ticaret A.Ş. (Çelik Motor) Turkey Import, distribution and marketing of Lada and Automotive 68,00 68,00 Kia motor vehicles and operating lease Anadolu Motor Üretim ve Pazarlama A.Ş. (Anadolu Turkey Production of industrial engines, sale of tractors Automotive 67,93 67,93 Motor) Anadolu Otomotiv Dış Ticaret ve Sanayi A.Ş. Turkey Import of Kia and Lada motor vehicles Automotive 67,38 67,38 Anadolu Elektronik Aletler Pazarlama ve Ticaret A.Ş. Turkey Trade of consumer durables Automotive 34,65 34,65 (Anadolu Elektronik) (4) Adel Kalemcilik Ticaret ve Sanayi A.Ş. (Adel) (1) (2) Turkey Production of writing instruments under Adel, Retailing 38,68 38,68 Johann Faber and Faber Castell brand names Ülkü Kırtasiye Ticaret ve Sanayi A.Ş. (Ülkü) (2) Turkey Distribution of the products of Adel, and other Retailing 49,76 49,76 imported stationery products Efestur Turizm İşletmeleri A.Ş. (Efestur) Turkey Arrangement of travelling and organization Retailing 51,60 51,60 facilities Anadolu Bilişim Hizmetleri A.Ş. (ABH) Turkey IT, internet and e-commerce services Retailing 65,53 65,53 Oyex Handels GmbH (Oyex) Germany Trading of various materials used in the Group Other 67,32 67,32 Anadolu Endüstri Holding A.S. und Co. KG Germany Provides necessary market research of products Other 67,32 67,32 (AEH und Co.) abroad Anadolu Restoran İşletmeleri Limited Şirketi Turkey Restaurant chain management, ranch Retailing 68,00 68,00 (McDonald s) management Hamburger Restoran İşletmeleri A.Ş. (Hamburger) Turkey Restaurant chain management Retailing 68,00 68,00 Anadolu Varlık Yönetim A.Ş. (Anadolu Varlık) Turkey Asset management Other 67,99 67,99 Anadolu Taşıt Ticaret A.Ş. (Anadolu Taşıt) Turkey Industrial and commercial operations in Other 68,00 68,00 automotive sector Anadolu Araçlar Ticaret A.Ş. (Anadolu Araçlar) Turkey Import, distribution and marketing of Geely Automotive 68,00 68,00 motor vehicles Anadolu Termik Santralleri Elektrik Üretim A.Ş. Turkey Production of electricity (Investment in Other 68,00 68,00 (Anadolu Termik) progress) AES Elektrik Enerjisi Toptan Satış A.Ş. (AES Turkey Whole sale and retail sale of electricity and/or Other 68,00 68,00 Elektrik) its capacity (Investment in progress) AEH Sigorta Acenteliği A.Ş. (AEH Sigorta) Turkey Insurance agency Other 68,00 68,00 Anatolia Energy B.V. (Anatolia Energy) Netherlands Inactive Other 68,00 68,00 Anelsan Anadolu Elektronik Sanayi ve Ticaret A.Ş. Turkey Inactive Retailing 48,94 48,94 (Anelsan) (5) Anadolu Kafkasya Enerji Yatırımları A.Ş. (Anadolu Kafkasya) Turkey Production and transmission of electricity, and establishment and operation of distribution facilities (Investment in progress) Other 68,00 68,00 Turkey Whole sale and retail sale of electronic devices Automotive 67,98 68,00 Antek Teknoloji Ürünleri Pazarlama ve Ticaret A.Ş. (Antek Teknoloji) (6) Georgian Urban Energy LLC (GUE) Georgia Production and sale of electricity (Investment in progress) Other 68,00 68,00 (1) Shares of ABank, Adel and AYO are quoted on the Istanbul Stock Exchange (ISE). (2) AEH controls Adel and Ülkü through its shareholding of 56,89% and 68,78%, respectively. Moreover, Adel has 7,67% stake at Ülkü. As a result, Adel and Ülkü are controlled by Yazıcılar Holding A.Ş. (3) Shareholding rate may change in ABank s effective consolidation rate of AYO. (4) Anadolu Motor and AEH have 50,00% and 1,00% shareholding at Anadolu Elektronik, respectively. As a result, Anadolu Elektronik is controlled by Yazıcılar. (5) Ülkü controls Anelsan through its shareholding of 96,50%. As a result, Anelsan is controlled by Yazıcılar. (6) Antek Teknoloji adjudicated capital increase upon the meeting of board of directors, dated May 26,2011. Moreover AEH, shareholder of Antek Teknoloji, did not participate to capital increase. As a result, Yazıcılar Holding A.Ş. has 67,98% stake at Antek Teknoloji. (8)

1. ORGANIZATION AND NATURE OF ACTIVITIES (cont d) Investment in Associate The associate included in consolidation by equity method and its shareholding percentages at and December 31, 2010 are as follows: Country of incorporation Main activities Effective shareholding and voting rights % June 30, 2011 December 31, 2010 Anadolu Efes Biracılık ve Malt San. A.Ş. (Anadolu Efes) Turkey Production of beer 36,27 36,27 Joint Ventures The investments in joint ventures included in consolidation by equity method and their shareholding percentages at and December 31, 2010 are as follows: Country of incorporation Main activities Effective shareholding and voting rights % June 30, 2011 December 31, 2010 Anadolu Isuzu Otomotiv San. ve Tic. A.Ş. (Anadolu Isuzu) Ana Gıda İhtiyaç Maddeleri Sanayi ve Ticaret A.Ş. (Ana Gıda) Turkey Turkey Manufacturing and selling of Isuzu branded commercial vehicles Production and marketing of olive oil under Kırlangıç, Komili and Madra brands Aslancık Elektrik Üretim A.Ş. (Aslancık) Turkey Electricity production (Investment in progress) D Tes Elektrik Enerjisi Toptan Satış A.Ş. (D Tes) Turkey Electricity wholesale (Investment in progress) 37,56 37,56 37,57 37,57 22,67 22,67 17,00 17,00 2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS Basis of Preparation of Financial Statements The Company and its subsidiaries incorporated in Turkey maintains its books of account and prepares its statutory financial statements in Turkish Lira (TRL) in accordance with Turkish Commercial Code and Banking Legislation, Tax Legislation and the Uniform Chart of Accounts issued by the Ministry of Finance. The subsidiaries incorporated outside of Turkey maintain their books of account and prepare their statutory financial statements in accordance with the regulations of the countries in which they operate. The consolidated financial statements have been prepared from the statutory financial statements of the Company s subsidiaries in accordance with Turkish Capital Market Board (CMB) Accounting Standards with certain adjustments and reclassifications for the purpose of fair presentation. The financial statements of the Company and its subsidiaries until 31 December 2007 have been prepared in accordance with the Communiqué No: XI-25 Communiqué on Accounting Standards in Capital Markets. In this Communiqué is stated that alternatively, the application of accounting standards prescribed by the International Accounting Standards Board (IASB) and International Accounting Standards Committee (IASC) will be also considered to be compliant with the CMB Accounting Standards. Accordingly, the consolidated financial statements of the Company until 31 December 2007 had been prepared in accordance with the alternative methods allowed by the CMB. (9)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont d) Basis of Preparation of Financial Statements (cont d) In accordance with the CMB's "Communiqué on Financial Reporting in Capital Market" No: XI-29, published in the Official Gazette dated 9 April 2008, effective 1 January 2008, listed companies are required to prepare their financial statements in compliance with International Accounting/Financial Reporting Standards (IAS/IFRS) as prescribed in the CMB Communiqué. Since, there are not any difference between the accounting policies of the alternative method of Communiqué No: XI-25 (previously applied) and the Communiqué Serial No: XI-29, there is no change in the accounting policies applied in preparation of the financial statements of the current and prior period. The interim consolidated financial statements at have been prepared in accordance with compulsory reporting formats of CMB's. Convenience Translation into English of Consolidated Financial Statements The accounting principles described in Note 2 to the consolidated financial statements ("CMB Financial Reporting Standards") differ from International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board with respect to the application of inflation accounting for the period between 1 January and 31 December 2005. Accordingly, the accompanying financial statements are not intended to present the financial position and the results of operations and cash flows of the Group in accordance with IFRS. Functional and Presentation Currency The functional and presentation currency of the Company and subsidiaries, joint ventures and associates incorporated in Turkey is TRL. In accordance with CMB announcement No.11/367 dated March 17, 2005; since the objective conditions for the application of restatement is no longer available and since CMB foresees that the probability of the re-occurrence of the conditions is remote, lastly the financial statements as of December 31, 2004 have been subject to the restatement. Functional and Local Currencies of Foreign Subsidiaries The foreign subsidiaries maintain their books of accounts in accordance with the laws and regulations in force in the countries in which they are registered and necessary adjustments and reclassifications made for the fair presentation in accordance with IFRS. The assets and liabilities of foreign subsidiaries are translated into Turkish Lira using the relevant foreign exchange rates prevailing at the balance sheet date. The incomes and expenses of the foreign subsidiaries are translated into Turkish Lira using average exchange rate for the period. Exchange differences arising from using year-end and average exchange rates are included in the shareholders equity as currency translation differences. Functional and local currencies of foreign subsidiaries are as follows: December 31,2010 Local Currency Functional Currency Functional Currency AEH und Co. EUR EUR EUR Oyex EUR EUR EUR Anatolia Energy EUR EUR EUR GUE Georgian Lari (GEL) GEL GEL Foreign subsidiaries are established as foreign corporate entities. Significant Accounting Policies The interim consolidated financial statements at have been prepared in accordance with compulsory reporting formats of CMB's. The interim consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group s annual financial statements as at December 31, 2010. (10)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont d) Reclassification Made to 2010 Consolidated Financial Statements In order to be consistent with the current period s presentation, reclassifications have been made in the interim consolidated income statement for the period January 1 are as follows; a) Tax stamp expenses related to Turkish National Broadcasting Corporation amounting to TRL 3.130 in Cost of sales account, has been reclassified into Revenue account. b) Foreign exchange gain amounting to TRL 1.926 in Interest and other income account, foreign exchange loss amounting to TRL 1.378 in Interest and other expense account has been reclassified into Financial income account. c) Loss on sale of financial assets amounting to TRL 17.954 in Financial income has been reclassified into Financial expense account. d) Foreign exchange loss amounting to TRL 14.502 in General administrative expenses account has been reclassified into Financial income account. e) Provision for loan amounting to TRL 10.565 in General administrative expenses account has been reclassified into Other operating expense account. Seasonality of Operations Due to higher consumption of beer and soft drinks during the summer season, the interim condensed consolidated financial statements of Anadolu Efes, an associate of the Company, may include the effects of the seasonal variations. Therefore, the results of Investments accounted through equity method account for the first six months up to may not necessarily constitute an indicator for the results to be expected for the overall fiscal year. Changes in Accounting Policies New standards and interpretations The accounting policies adopted in the preparation of the interim consolidated financial statements as at June 30, 2011 are consistent with those followed in the preparation of the consolidated financial statements of the prior year and for the year ended 31 December 2010, except for the adoption of new standards and IFRIC interpretations summarized below. The new standards, amendments and interpretations which are effective for the year end and interim periods after January 1, 2011 (These standards have an effect on the Group s interim financial statements and adopted by the Group): IAS 24 (Revised), Related party disclosures supersedes IAS 24, Related party disclosures, issued in 2003. IAS 24 (revised) is mandatory for annual periods beginning on or after 1 January 2011. This amendment removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities. It clarifies and simplifies the definition of a related party. Annual improvements 2010 are effective for annual periods beginning 1 January 2011. This set of amendments includes changes to six standards and one IFRIC, namely; > IFRS 1 First-time adoption > IFRS 3 Business combinations > IFRS 7 Financial Instruments: Disclosures > IAS 1 Financial statements presentation > IAS 27 Consolidated and separate financial statements > IAS 34 Interim financial reporting > IFRIC 13 Customer loyalty programs (11)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont d) The new standards, amendments and interpretations which are effective for the year end and interim periods after January 1, 2011 (These standards do not have an effect on the Group s interim financial statements): IAS 32 (Revised) Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements (Effective for annual periods beginning on or after February 1, 2010) IFRIC 19 Extinguishing financial liabilities with equity instruments is effective from 1 July 2010. The interpretation clarifies the accounting by an entity when the terms of a financial liability are renegotiated and result in the entity issuing equity instruments to a creditor of the entity to extinguish all or part of the financial liability. IFRS 1 (Amendment) Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (effective for annual periods beginning on or after July 1, 2010): IFRS 1 has been amended to allow firsttime adopters to utilise the transitional provisions in IFRS 7 and give relief from providing comparative information in the first year of application. IFRIC 14 (Revised), Prepayments of a minimum funding requirement are effective for annual periods beginning 1 January 2011. Earlier application is permitted. The amendments should be applied retrospectively to the earliest comparative period presented. The amendments correct an unintended consequence of IFRIC 14 on IAS 19, The limit on a defined benefit asset, minimum funding requirements and their interaction. The new standards which are not issued as of and not early adopted by the Group: IFRS 7 (Amendment) Financial instruments: Disclosures is effective for annual periods beginning on or after 1 July 2011. The amendments will promote transparency in the reporting of transfer transactions and improve users understanding of the risk exposures relating to transfers of financial assets and the effect of those risks on an entity s financial position. IFRS 1 First time adoption is effective for annual periods beginning on or after 1 July 2011. Amendment provides guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation IAS 12 (Amendment), Income taxes is effective for annual periods beginning on or after 1 January 2012. This amendment introduces an exception to the existing principle for the measurement of deferred tax assets or liabilities arising on investment property measured at fair value. IAS 19 (Amendment), Employee benefits is effective for annual periods beginning on or after 1 January 2013. These amendments eliminate the corridor approach and calculate finance costs on a net funding basis. IAS 1 (Revised), Financial statement presentation is effective for annual periods beginning on or after 1 July 2012. The main change resulting from these amendments is a requirement for entities to group items presented in Other comprehensive income (OCI) on the basis of whether they are potentially recycled to profit or loss (reclassification adjustments). IFRS 9 Financial Instruments is not applicable until 1 January 2013 but is available for early adoption. This standard is the first step in the process to replace IAS 39, Financial instruments: Recognition and Measurement. IFRS 9 introduces new requirements for classifying and measuring financial assets. (12)

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS (cont d) IFRS 10, Consolidated financial statements is effective for annual periods beginning on or after 1 January 2013. This standard builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements. The standard provides additional guidance to assist in determining control where this is difficult to assess. IFRS 11, Joint arrangements is effective for annual periods beginning on or after 1 January 2013. This standard provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form. There are two types of joint arrangement: joint operations and joint ventures. Proportional consolidation of joint ventures is no longer allowed. IFRS 12, Disclosures of interests in other entities is effective for annual periods beginning on or after 1 January 2013. This standard includes the disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. IFRS 13, Fair value measurement is effective for annual periods beginning on or after 1 January 2013. This standard aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. IAS 27, Separate financial statements is effective for annual periods beginning on or after 1 January 2013. This standard includes the provisions on separate financial statements that are left after the control provisions of IAS 27 have been included in the new IFRS 10. IAS 28, Associates and joint ventures is effective for annual periods beginning on or after 1 January 2013. This standard includes the requirements for joint ventures, as well as associates, to be equity accounted following the issue of IFRS 11. 3. BUSINESS COMBINATIONS Transactions for the period of None. Transactions for year of 2010 Anadolu Efes, an associate of the Company, acquired 11.219.811 GDRs of Efes Breweries International N.V. (EBI), a subsidiary of Anadolu Efes, representing approximately 26,53% of the issued share capital of EBI from a group of shareholders at a price of USD 17,00 per GDR (each GDR representing 5 shares) at a total consideration of TRL 290.456. According to IAS 27, difference amounting to TRL 1.955 between the net asset value of EBI and the acquisition cost has been reflected by the Group to Other reserves under the equity. In November 2010, Efes Technical and Management Consultancy N.V. (AETMC), one of the subsidiary of Anadolu Efes which is an associate of the Company, acquired 15,10% shares of OAO Knyaz Rurik (Knyaz Rurik), which owns 80,02% of ZAO Mutena Maltery (Mutena Maltery) shares for a cash consideration of TRL 5.786. According to IAS 27, difference amounting to TRL 745 between the net asset value of Knyaz Rurik and the acquisition cost has been reflected by the Group to Other reserves under the equity. Anadolu Kafkasya, a subsidiary of the Company, purchased 100% shares of GUE, which will perform the Paravani Hydroelectric Power Plant Project in Georgia, amounting to USD 3.500.000 from Energon International Ltd. (Energon) on March 4, 2010. Since GUE has not been operating at the acquisition date, the acquisition is not subject to IFRS 3 Business Combinations. The acquired net assets except for electricity production license are accounted with their carrying values (Note 10). (13)

4. JOINT VENTURES Joint Ventures Entity Principle activities Country of business December 31, 2010 Effective Group s share Carrying shareholding and of (loss) value voting rights % Effective Carrying shareholding and value voting rights % Group s share of income/ (loss) Anadolu Isuzu (*) Manufacturing and selling of Isuzu brand Turkey 65.795 37,56 3.084 62.711 37,56 (1.751) commercial vehicles Ana Gıda Production and marketing of olive oil under Turkey 45.634 37,57 (34) 45.668 37,57 (1.704) Kırlangıç, Komili and Madra Brands, sunflower and corn oil Aslancık Production of electricity Turkey 13.299 22,67 (182) 13.481 22,67 (668) D Tes Wholesale of electricity Turkey 101 17,00 (16) 57 17,00 (34) 124.829 2.852 121.917 (4.157) (*) Shares of Anadolu Isuzu are quoted on the ISE. Summary financial information of the Group s investment in joint venture Anadolu Isuzu is as follows: December 31, 2010 Anadolu Isuzu Total assets 297.416 330.028 Total liabilities 127.596 168.235 Net assets 169.820 161.793 Group s interest in net assets 65.795 62.711 Anadolu Isuzu Revenues 216.099 109.356 140.822 68.056 Net income/(loss) for the period 8.029 3.913 (4.940) 143 Group s share in net income/(loss) of the joint venture 3.084 1.503 (1.898) 55 (14)

4. JOINT VENTURES (cont d) Summary financial information of the Group s investment in other joint ventures is as follows: December 31, 2010 Other joint ventures Total assets 263.348 192.279 Total liabilities 133.013 61.511 Net assets 130.335 130.768 Group s interest in net assets 59.034 59.206 Other joint ventures Revenues 102.390 52.956 67.361 20.830 Net income/(loss) for the period (671) (2.471) (2.048) (434) Group s share in net income/(loss) of the joint ventures (232) (1.067) (916) (195) 5. SEGMENT REPORTING The Group is organized and primarily managed in four principal segments: Automotive (including passenger vehicles, commercial vehicles, generators, spare and component parts, consumer durables); financial services (including banking, leasing, brokerage and investment banking services); retailing (stationery, chain restaurant management, food, information technologies and tourism) and other (trade, asset management, energy). Since segment reporting and information used in the Group management reporting is consistent with consolidated balance sheet and consolidated income statement the Group does not need to perform reconciliation between the consolidated income statement, consolidated balance sheet and the segment reporting disclosure. (15)

5. SEGMENT REPORTING (cont d) January 1 - Financial institutions Automotive Retailing Other Unallocated Consolidated Sales 238.899 264.520 262.970 34.008-800.397 Inter-segment sales 494 2.205 5.180 5.276 (13.155) - Total Sales 239.393 266.725 268.150 39.284 (13.155) 800.397 GROSS PROFIT 126.635 65.992 61.432 19.768 (8.306) 265.521 Marketing, selling, and distribution expenses (-) - (17.522) (16.487) (19) 821 (33.207) General administrative expenses (-) (77.211) (20.536) (18.429) (23.189) 11.797 (127.568) Research and development expenses (-) - (201) - - 4 (197) Other operating income 2.724 2.720 1.216 1.235 (1.872) 6.023 Other operating expense (-) (36.278) (5.537) (2.563) (2.535) (181) (47.094) OPERATING INCOME 15.870 24.916 25.169 (4.740) 2.263 63.478 Gain/Loss from the investments accounted through equity method (*) - - - - 95.355 95.355 Financial income 30.018 7.037 1.315 12.828 (1.455) 49.743 Financial expense (-) (31.228) (30.386) (2.162) (9.577) 448 (72.905) INCOME BEFORE TAX FROM CONTINUING OPERATIONS 14.660 1.567 24.322 (1.489) 96.611 135.671 Tax Income/(Expense) from Continuing Operations (1.531) (10.651) (5.104) (1.251) (1) (18.538) - Current period tax expense (-) (990) (2.372) (6.215) (593) - (10.170) - Deferred tax (expense) / income (541) (8.279) 1.111 (658) (1) (8.368) NET INCOME FOR THE PERIOD 13.129 (9.084) 19.218 (2.740) 96.610 117.133 Attributable to: - Minority interest 850 371 - - 21.417 22.638 - Equity holders of the parent 12.279 (9.455) 19.218 (2.740) 75.193 94.495 Total Assets(**) 5.794.483 537.309 349.709 1.575.032 (95.847) 8.160.686 Investments accounted through equity method - - - - 1.304.545 1.304.545 Total Liabilities 5.219.718 330.892 144.837 101.469 (86.257) 5.710.659 Property, plant and equipment and intangible asset purchases 4.660 98.188 11.512 15.285 (456) 129.189 Depreciation and amortization 3.782 8.558 6.552 450 (117) 19.225 (*) Income recognized from Anadolu Efes and Anadolu Isuzu amounting to TRL 95.587 and expense recognized Anagıda, Aslancık and D Tes amounting to TRL 232 are recorded to gain/loss from the investments accounted through equity method in unallocated segment. (**) Unallocated segment includes goodwill amounting to TRL 35.344 (Note 11). (16)

5. SEGMENT REPORTING (cont d) Financial institutions Automotive Retailing Other Unallocated Consolidated Sales 131.825 148.202 142.738 19.677-442.442 Inter-segment sales 283 1.162 2.741 2.648 (6.834) - Total Sales 132.108 149.364 145.479 22.325 (6.834) 442.442 GROSS PROFIT 68.372 40.980 36.145 10.735 (4.263) 151.969 Marketing, selling, and distribution expenses (-) - (11.816) (8.420) 107 478 (19.651) General administrative expenses (-) (39.701) (10.021) (8.186) (11.541) 5.794 (63.655) Research and development expenses (-) - (107) - - 2 (105) Other operating income 1.835 1.373 897 733 (1.102) 3.736 Other operating expense (-) (28.164) (5.170) (1.613) (2.318) (195) (37.460) OPERATING INCOME 2.342 15.239 18.823 (2.284) 714 34.834 Gain/Loss from the investments accounted through equity method (*) - - - - 72.097 72.097 Financial income 19.555 2.374 598 7.150 (852) 28.825 Financial expense (-) (19.774) (17.482) (1.498) (5.637) 403 (43.988) INCOME BEFORE TAX FROM CONTINUING OPERATIONS 2.123 131 17.923 (771) 72.362 91.768 Tax Expense from Continuing Operations (527) (6.614) (3.964) (348) (1) (11.454) - Current period tax expense (-) (848) (1.381) (3.070) (264) - (5.563) - Deferred tax (expense) / income 321 (5.233) (894) (84) (1) (5.891) NET INCOME FOR THE PERIOD 1.596 (6.483) 13.959 (1.119) 72.361 80.314 Attributable to: - Minority interest 166 161 - - 12.327 12.654 - Equity holders of the parent 1.430 (6.644) 13.959 (1.119) 60.034 67.660 Property, plant and equipment and intangible asset purchases 1.781 65.449 6.648 12.058 (405) 85.531 Depreciation and amortization 1.924 865 3.398 226 (56) 6.357 (17)

5. SEGMENT REPORTING (cont d) January 1 - Financial institutions Automotive Retailing Other Unallocated Consolidated Sales 193.721 296.094 222.309 26.919-739.043 Inter-segment sales 479 1.770 3.373 4.826 (10.448) - Total Sales 194.200 297.864 225.682 31.745 (10.448) 739.043 GROSS PROFIT 109.855 53.715 51.499 16.267 (6.204) 225.132 Marketing, selling, and distribution expenses (-) - (16.479) (16.897) (17) 810 (32.583) General administrative expenses (-) (48.108) (21.420) (15.651) (20.305) 9.707 (95.777) Research and development expenses (-) - (318) - - 3 (315) Other operating income 2.450 4.369 445 2.006 (1.063) 8.207 Other operating expense (-) (16.163) (1.125) (2.431) (1.966) 529 (21.156) OPERATING INCOME 48.034 18.742 16.965 (4.015) 3.782 83.508 Gain/Loss from the investments accounted through equity method (*) - - - - 97.052 97.052 Financial income 19.951 11.036 1.645 12.111 (1.389) 43.354 Financial expense (-) (37.302) (9.339) (1.193) (8.813) 495 (56.152) INCOME BEFORE TAX FROM CONTINUING OPERATIONS 30.683 20.439 17.417 (717) 99.940 167.762 Tax Income/(Expense) from Continuing Operations (4.753) (3.242) (3.386) (911) (1) (12.293) - Current period tax expense (-) (5.521) (2.680) (5.209) (353) - (13.763) - Deferred tax income / (expense) 768 (562) 1.823 (558) (1) 1.470 NET INCOME FOR THE PERIOD 25.930 17.197 14.031 (1.628) 99.939 155.469 Attributable to: - Minority interest 1.403 2.134 - - 32.768 36.305 - Equity holders of the parent 24.527 15.063 14.031 (1.628) 67.171 119.164 Total Assets(**) 4.158.986 467.336 300.582 1.507.653 (233.966) 6.200.591 Investments accounted through equity method - - - - 1.121.719 1.121.719 Total Liabilities 3.604.238 251.054 109.168 124.202 (68.858) 4.019.804 Property, plant and equipment and intangible asset purchases 1.599 40.304 14.844 7.163-63.910 Depreciation and amortization 3.177 11.447 5.509 446 (122) 20.457 (*) Income recognized from Anadolu Efes amounting totrl 99.866 and expense recognized from Anadolu Isuzu, Anagıda, Aslancık and D Tes amounting to TRL2.814 recorded to gain/loss from the investments accounted through equity method in unallocated segment. (**) Unallocated segment includes goodwill amounting to TRL35.344. (18)

5. SEGMENT REPORTING (cont d) Financial institutions Automotive Retailing Other Unallocated Consolidated Sales 90.410 161.353 119.396 13.417-384.576 Inter-segment sales 297 887 1.890 2.415 (5.489) - Total Sales 90.707 162.240 121.286 15.832 (5.489) 384.576 GROSS PROFIT 49.497 30.297 29.004 7.944 (3.267) 113.475 Marketing, selling, and distribution expenses (-) - (12.679) (8.378) (11) 359 (20.709) General administrative expenses (-) (19.122) (11.420) (8.072) (11.371) 4.863 (45.122) Research and development expenses (-) - (160) - - 1 (159) Other operating income (8.848) 2.243 379 851 (189) (5.564) Other operating expense (-) (13.585) (655) (1.308) (1.743) 287 (17.004) OPERATING INCOME 7.942 7.626 11.625 (4.330) 2.054 24.917 Gain/Loss from the investments accounted through equity method (*) - - - - 71.989 71.989 Financial income 12.518 6.060 777 7.807 (723) 26.439 Financial expense (-) (20.998) (4.856) (834) (4.932) 298 (31.322) INCOME BEFORE TAX FROM CONTINUING OPERATIONS (538) 8.830 11.568 (1.455) 73.618 92.023 Tax Income/(Expense) from Continuing Operations 137 (2.264) 43 (649) (1) (2.734) - Current period tax expense (-) (3.133) (1.232) (2.402) (122) - (6.889) - Deferred tax income / (expense) 3.270 (1.032) 2.445 (527) (1) 4.155 NET INCOME FOR THE PERIOD(401) 6.566 11.611 (2.104) 73.617 89.289 Attributable to: - Minority interest 303 482 - - 13.194 13.979 - Equity holders of the parent (704) 6.084 11.611 (2.104) 60.423 75.310 Property, plant and equipment and intangible asset purchases 711 26.544 11.299 510-39.064 Depreciation and amortization 1.596 5.974 2.926 210 (61) 10.645 (19)

5. SEGMENT REPORTING (cont d) Substantially all of the consolidated revenues are obtained from operations located in Turkey. Associate: The Group s effective shareholding rate for Anadolu Efes is 36,27% (December 31, 2010: 36,27%). The operations of Anadolu Efes and its subsidiaries consist of production, distribution and marketing of beer under a number of trademarks and selling and distribution of sparkling and still beverages with The Coca-Cola Company trademark principally in Turkey, Central Asia and Middle East. The result of these operations, as of and are reflected in gain/loss from the investments accounted through equity method line of the consolidated income statement as gain amounting to TRL 92.503 and gain amounting to TRL 99.866 respectively. 6. CASH AND CASH EQUIVALENTS December 31, 2010 Non-Banking 123.179 207.412 Cash 1.791 1.142 Banks 120.562 204.007 -Time Deposits 100.819 192.147 -Demand Deposits 19.743 11.860 Other cash and cash equivalents 826 2.263 Banking 470.328 195.245 Cash 33.448 28.791 Demand deposits at Central Bank 376.389 94.389 Demand deposits at banks and other financial institutions 60.491 72.065 Cash and cash equivalents in the consolidated cash flow statement 593.507 402.657 Banking Reserve deposits at Central Bank 162.873 107.179 7. BORROWINGS 756.380 509.836 December 31, 2010 Bank borrowings 128.223 103.892 Current portion of long term borrowings 177.199 100.705 Short term borrowings 305.422 204.597 Bank borrowings 66.474 105.272 Long term borrowings 66.474 105.272 Total borrowings 371.896 309.869 (20)

7. BORROWINGS (cont d) As of, the Group does not have any secured bank borrowings (December 31, 2010: None). December 31, 2010 Short term Amount Fixed interest rate Floating interest rate Amount Fixed interest rate Floating interest rate Borrowing in Turkish Lira 103.545 7,1% - 10,3% - 75.862 7,2% - 10,0% - Borrowing in foreign currency (EUR) 161.767 2,9% - 4,5% - 92.877 2,9% - 5,3% Euribor + (1,0%) Borrowing in foreign currency (USD) 40.110 3,0% - 3,6% Libor + (1,6% - 2,3%) 35.858 3,0% - 4,0% Libor + (1,6%) 305.422-204.597 Long term Amount Fixed interest rate Floating interest rate Amount Fixed interest rate Floating interest rate Borrowing in Turkish Lira 26.389 0,0%-10,2% - 3.000 - - Borrowing in foreign currency (EUR) 40.085 2,9% - 4,5% - 86.812 2,9% - 4,2% - Borrowing in foreign currency (USD) - - - 15.460 - Libor + (2,3%) 66.474 105.272 Repayments schedules of long-term borrowings are as follows: December 31, 2010 2012 3.839 66.455 2013 32.795 35.889 2014 28.162 1.464 2015 and thereafter 1.678 1.464 371.896 309.869 66.474 105.272 (21)

8. INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD December 31, 2010 Investment in associate 1.179.716 1.106.146 Interest in joint ventures (Note 4) 124.829 121.917 8.1 Associate 1.304.545 1.228.063 Entity Principle Activities Country of business Carrying value December 31, 2010 Effective Effective shareholding shareholding and voting Group s share of Carrying and voting rights % income/(loss) value rights % Group s share of income/(loss) Anadolu Efes (*) Production of beer Turkey 1.179.716 36,27 92.503 1.106.146 36,27 195.312 (*) Shares of Anadolu Efes are currently quoted on the ISE. Summary financial information of associate is as follows: 1.179.716 92.503 1.106.146 195.312 December 31, 2010 Anadolu Efes Total assets 6.367.868 5.588.831 Total liabilities 3.363.773 2.773.826 Net assets 3.004.095 2.815.005 Group s interest in net assets 1.179.716 1.106.146 Anadolu Efes Revenues 2.281.899 1.423.974 2.037.562 1.283.892 Net income for the period 238.533 184.788 257.520 185.996 Group s share in net income of the associate 92.503 71.661 99.866 72.129 - Minority Interests 5.984 4.636 6.461 4.667 - Equity Holders of the Parent 86.519 67.025 93.405 67.462 The movement of carrying value of the associate in the consolidated financial statements as of and June 30, 2010 is as follows: Balance at January 1 1.106.146 974.228 Gain from investments accounted through equity method 92.503 99.866 Currency translation differences 77.965 62 Revaluation funds (1.293) (191) Other reserves - (1.990) Dividend Received (95.605) (65.529) Balance at the end of the period 1.179.716 1.006.446 (22)

8. INVESTMENTS ACCOUNTED THROUGH EQUITY METHOD (cont d) 8.2 Joint Ventures Entity Principle activities Country of business Carrying value December 31, 2010 Effective Group s share Effective shareholding and of income/ Carrying shareholding and voting rights % (loss) value voting rights % Group s share of income/ (loss) Anadolu Isuzu (*) Manufacturing and selling of Isuzu Turkey 65.795 37,56 3.084 62.711 37,56 (1.751) brand commercial vehicles Ana Gıda Production and marketing of Turkey 45.634 37,57 (34) 45.668 37,57 (1.704) olive, sun flower and corn oils under Kırlangıç, Komili and Madra brands Aslancık Production of electricity Turkey 13.299 22,67 (182) 13.481 22,67 (668) D Tes Wholesale of electricity Turkey 101 17,00 (16) 57 17,00 (34) (*) Shares of Anadolu Isuzu are quoted on the ISE. 124.829 2.852 121.917 (4.157) (23)

9. PROPERTY, PLANT AND EQUIPMENT (PP&E) Movements of property, plant and equipment for the period ended on are as follows: Land and land improvements Buildings Machinery and equipment Motor vehicles(*) Furniture and fixtures Other tangible assets Leasehold improvements Construction in progress Total Cost At January 1, 2011 52.095 74.520 201.191 164.259 33.244 14.786 94.237 5.666 639.998 Additions 204-2.438 96.982 3.283 27 3.285 21.843 128.062 Disposals (-) (89) (130) (484) (13.677) (110) - - (31) (14.521) Currency translation differences 224-5 23 3 - - 1.128 1.383 Transfers - - 1.519 157 106-1.446 (3.228) - 52.434 74.390 204.669 247.744 36.526 14.813 98.968 25.378 754.922 Accumulated depreciation At January 1, 2011 2.106 18.570 148.109 31.707 21.926 12.868 48.498-283.784 Depreciation charge for the period 162 746 4.473 7.281 1.821 120 3.682-18.285 Disposals (-) - (7) (125) (6.132) (85) - - - (6.349) 2.268 19.309 152.457 32.856 23.662 12.988 52.180-295.720 Net carrying amount 50.166 55.081 52.212 214.888 12.864 1.825 46.788 25.378 459.202 (*) The carrying amount of motor vehicles in operational fleet leasing business at is TRL 212.655. Property, Plant and Equipment (PP&E) held under finance lease The carrying amount of PP&E held under finance leases at is TRL 17.171. According to the finance lease law, PP&E under finance lease are owned by the finance lease company during the lease term. Hence, these PP&E are regarded as collaterals by the finance lease company. (24)

9. PROPERTY, PLANT AND EQUIPMENT (PP&E) (cont d) Movements of property, plant and equipment for the period ended on are as follows: Land and land improvements Buildings Machinery and equipment Motor vehicles(*) Furniture and fixtures Other tangible assets Leasehold improvements Construction in progress Total Cost January 1, 2010 43.591 76.509 188.631 105.301 38.713 14.506 82.120 2.417 551.788 Additions 572 6 3.774 39.703 1.552 69 364 11.230 57.270 Disposals (-) - (2.676) (3.096) (16.288) (61) (34) (25) (228) (22.408) Currency translation differences (16) - - (3) (1) - - (27) (47) Transfers 44 563 2.158 85 113 249 867 (4.079) - 44.191 74.402 191.467 128.798 40.316 14.790 83.326 9.313 586.603 Accumulated depreciation January 1, 2010 1.853 17.422 145.230 26.466 26.767 12.655 45.102-275.495 Depreciation charge for the period 114 735 4.183 9.128 1.806 126 3.381-19.473 Disposals (-) - (345) (2.988) (7.045) (60) (21) (1) - (10.460) 1.967 17.812 146.425 28.549 28.513 12.760 48.482-284.508 Net carrying amount 42.224 56.590 45.042 100.249 11.803 2.030 34.844 9.313 302.095 (*) The carrying amount of motor vehicles in operational fleet leasing business at is TRL 98.667. Property, plant and equipment held under finance lease The carrying amount of PP&E held under finance leases at is TRL 24.080. According to the finance lease law, PP&E under finance lease are owned by the finance lease company during the lease term. Hence, these PP&E are regarded as collaterals by the finance lease company. (25)

10. INTANGIBLE ASSETS Movements of intangible assets for the period ended on are as follows: Rights Patents and licenses Franchise Other intangible assets Total Cost January 1, 2011 49.334 5.541 1.051 1.468 57.394 Additions 928 - - 199 1.127 50.262 5.541 1.051 1.667 58.521 Accumulated amortization January 1, 2011 37.709 5.381 853 508 44.451 Amortization charge for the period 808-114 18 940 38.517 5.381 967 526 45.391 Net carrying amount 11.745 160 84 1.141 13.130 Movements of intangible assets for the period ended on are as follows: Rights Patents and licenses Franchise Other intangible assets Total Cost January 1, 2010 41.821 5.529 1.051 1.380 49.781 Additions (*) 6.603 - - 37 6.640 48.424 5.529 1.051 1.417 56.421 Accumulated amortization January 1, 2010 36.126 5.380 617 467 42.590 Amortization charge for the period 840-120 24 984 36.966 5.380 737 491 43.574 Net carrying amount 11.458 149 314 926 12.847 (*) As a result of the acquisiton of GUE by Anadolu Kafkasya, a subsidiary of the Company, the difference amounting to TRL 6.138, between the acquisiton cost and the net book value of the acquired assets is associated with the electricity production licence and accounted for as intangible assets. (26)

11. GOODWILL As of, the goodwill amount of the Group is TRL 35.344 (December 31, 2010: TRL 35.344). 12. PROVISIONS, CONTINGENT ASSETS AND LIABILITIES The provisions as of and December 31, 2010 are as follows: December 31, 2010 Non-Banking 7.633 4.630 Banking 14.088 10.871 Non-Banking 21.721 15.501 December 31, 2010 Warranty provisions (*) 3.629 3.292 Administrative fine provision (**) 2.666 - Provision for litigations 1.338 1.338 7.633 4.630 (*) Warranty provisions are resulting from sales of Çelik Motor and Anadolu Motor which are subsidiaries of the Company. (**) Pursuant to the Law on the Protection of Competition No. 4054, dated April 19, 2011, with regards to the investigation related to various ventures operating in the motor vehicles market, including Çelik Motor and Anadolu Araçlar, which are subsidiaries of the group, an administrative fine of TRL 3.554 in total was imposed on Çelik Motor and Anadolu Araçlar, which may later be subject to Council of State decisions. Pursuant to paragraph 6 of Article 17 of Misdemeanour Law No. 5326, if the whole administrative fine stated in is paid without recourse to legal proceedings, cash payment deductions may be applied. According to this, the Group booked a provision equal to 75% of the related fine. The related provision expense was presented in other operating expense in the interim consolidated financial statements. In addition, it is planned to take action at the Council of State for the cancellation of the decisions of the Competition Board with regards to the administrative fine. Banking December 31, 2010 Loan loss provision 12.681 9.502 Provision for litigations 826 826 Others 581 543 As of, the Group has no long term provisions (December 31, 2010: None). 14.088 10.871 (27)

13. COMMITMENTS Non-Banking As of and December 31, 2010 letter of guarantees, pledges and mortgages (GPMs) given in favour of the parent company and non-banking subsidiaries included in full consolidation are as follows: 30.06.2011 Letter of guarantees, pledge and mortgages provided by the Company A. Total amount of GPM s given on behalf of the Company s legal personality B. Total amount of GPM s given in favor of subsidiaries included in full consolidation C. Total amount of GPM s given by the Company for the liabilities of 3rd parties in order to run ordinary course of business Total TRL Equivalent (28) Original Currency TRL Original Currency Thousand USD Original Currency Thousand EUR 43.989 36.838 2.111 1.579 24.217 24.217 - - - - - - D. Total amount of other GPM s - - - - i. Total amount of GPM s given in favor of the parent - - - - Company ii. Total amount of GPM s given in favor of other group companies not in the scope of B and C above 507-311 - iii. Total amount of GPM s given in favor of third party companies not in the scope of C above 31.12.2010 Letter of guarantees, pledge and mortgages provided by the Company A. Total amount of GCPM s given on behalf of the Company s legal personality B. Total amount of GPM s given in favor of subsidiaries included in full consolidation C. Total amount of GPM s given by the Company for the liabilities of 3rd parties in order to run ordinary course of business - - - - 68.713 61.055 2.422 1.579 Total TRL Equivalent Original Currency TRL Original Currency Thousand USD Original Currency Thousand EUR 67.131 57.835 1.546 3.370 52.571 46.424-3.000 - - - - D. Total amount of other GPM s - - - - i. Total amount of GPM s given in favor of the parent - - - - Company ii. Total amount of GPM s given in favor of other group companies not in the scope of B and C above 482-311 - iii. Total amount of GPM s given in favor of third party companies not in the scope of C above - - - - 120.184 104.259 1.857 6.370 As of, the ratio of other GPM s over the Company s equity is 0%. (December 31, 2010: 0%). GPM tables prepared as of and December 31, 2010 have been presented according to the CMB bulletin, number 2010/45, which was published on October 28, 2010. ABH has service agreement liabilities for 1 to 5 years with its customers.

13. COMMITMENTS (cont d) Non-Banking (cont d) The Group s letter of guarantees, letters of guarantee, cheques and notes of guarantee, mortgage and other guarantees received from its customers in consideration of its receivables amount to TRL76.381, TRL 1.739, TRL 18.625 and TRL 36.941, respectively (December 31, 2010:TRL 77.821, TRL 2.125, TRL 17.592 and TRL 1.136). The tax authority and other authorities (Social Security Institution) can inspect tax returns and the related accounting records for a retrospective maximum period of five years. Group has not provided any tax provision regarding prior years. AEH, one of the subsidiary of the Company, has undertaken the obligation of preserving the corporate presence of McDonald s within the period of its license contract and the obligation of supporting to fulfil the financial and fiscal liabilities. Based on the Subscription and Shareholders Agreement, AEH, one of the subsidiaries of the Company, has granted a put option to SEEF Foods regarding its joint venture in Ana Gıda which may be exercisable between 2012 and 2014. As it is granted to the other shareholder of the joint venture, such put option is considered as derivative instrument with respect to IAS 39. Banking In the normal course of business activities, ABank and its consolidated subsidiaries undertake various commitments. Commitments that are not presented in the financial statements including: December 31, 2010 Letters of guarantees and letters of credit 2.017.060 1.703.699 Acceptance credits 250.452 197.129 Other 20.335 22.053 Total non-cash loans 2.287.847 1.922.881 Other commitments (*) 723.289 686.237 3.011.136 2.609.118 (*) Other commitments include commitments for reserve deposits requirements, loan granting commitments and asset purchase and sale commitments. Blocked Assets As of, the fair values of the TRL denominated assets held by ABank in fiduciary, agency or custodian capacities amounted to TRL 1.057.156 (December 31, 2010: TRL 971.266) and foreign currency denominated assets amounted to TRL 200.903 (December 31, 2010: TRL 151.323). Litigations There were a number of legal proceedings outstanding against ABank as of amount to TRL 6.307 (December 31, 2010: TRL 6.307). These mainly include matters relating to personal claims of customers and former employees of ABank. Although the outcome of these matters cannot always be ascertained with precision, the Management, based on professional advice, has provided provision amount to TRL 826 (December 31, 2010: TRL 826). (29)

13. COMMITMENTS (cont d) Banking (cont d) Other ABank manages six open-ended investment funds which were established under the regulations of the CMB of Turkey. In accordance with the funds charters, ABank purchases and sells marketable securities on behalf of funds, markets their participation certificates and provides other services in return for a management fee and undertakes management responsibility for their operations. 14. EQUITY Shared Capital / Adjustments to Share Capital and Equity Instruments December 31, 2010 Amount % Amount % Yazıcı Families 62.203 38,88 62.481 39,05 Kamil Yazıcı Yönetim ve Danışma A.Ş. 53.600 33,50 53.600 33,50 Publicly traded (*) 44.197 27,62 43.919 27,45 Paid-in share capital - historical 160.000 100,00 160.000 100,00 Inflation adjustment to share capital - - Total share capital - historical 160.000 160.000 (*) TRL 2.906 amount of the publicly traded portion, which is 1,816% of the paid-in capital is owned by Kamil Yazıcı Yönetim ve Danışma A.Ş. Movement of paid in share capital as at and December 31, 2010 is as follows (historical amounts): December 31, 2010 Number of shares Amount Number of shares Amount Balance at January 1 160.000.000 160.000 160.000.000 160.000 -Inflation adjustment to share capital - - - - Balance at the end of the period 160.000.000 160.000 160.000.000 160.000 Kamil Yazıcı Yönetim ve Danışma A.Ş. (henceforth as Management Company) is a professional management company established by members of the Kamil Yazıcı Family to manage their investments. With the special board nomination rights granted to Class A and Class B shares (1 + 3) which it owns, it is entitled to appoint four of the six directors to the Company s board of directors. Namely; Yazıcılar s common shares are divided into four classes, with each class of shares having equal voting rights on all matters except for the election of directors. Classes B, C and D consist of registered shares and are owned by the members of the three Yazıcı Families. Class A shares are all bearer type shares; shares belonging to two Yazıcı Families and publicly traded shares are included in Class A. (30)

14. EQUITY (cont d) Shared Capital / Adjustments to Share Capital and Equity Instruments (cont d) Class Number of shares Percentage of capital % Number of members on Board A (Bearer) 87.818.037 54,89 1 B (Registered) 31.999.964 20,00 3 C (Registered) 19.235.049 12,02 1 D (Registered) 20.946.950 13,09 1 Restricted Reserves Assorted from Net Profit, Revaluation Funds 160.000.000 100,00 6 The legal reserves consist of first and second legal reserves in accordance with the Turkish Commercial Code. The first legal reserve is appropriated out of the statutory net income (inflation-restated income in accordance with CMB) at the rate of 5%, until the total reserve reaches a maximum of 20% of the Company s issued capital (inflationrestated issued capital in accordance with the communiqués and announcements of CMB). The second legal reserve is appropriated at the rate of 10% of all distributions in excess of 5% of the Company s issued capital (inflation-restated capital in accordance with CMB). In accordance with Turkish Commercial Code, the legal reserves are not available for distribution unless they exceed 50% of the issued capital, other than that legal reserves can not be used. In accordance with the Communiqué No. XI-25, items of statutory shareholders equity such as share capital, share premium, legal reserves, statutory reserves and extraordinary reserves, were presented at their historical amounts. The difference between the inflated and historical amounts of these items was presented in shareholders equity as adjustment to equity. According to the CMB Communiqué No. XI-29, which is effective as of January 1, 2008 and explanatory announcements of CMB related with the communiqué, paid in capital, restricted reserves assorted from net profit and share premiums have to be presented as the amounts in the statutory financial statements. The valuation differences appeared during the application of the communiqué (like the differences resulting from the inflation adjustments) are associated with the adjustment to issued capital which is presented after the paid in capital, if they result from the paid in capital and have not been added to the capital yet; they are associated with the retained earnings if they result from the restricted reserves assorted from net profit and the share premium and have not been subject to dividend distribution or capital increase yet. Other equity items are presented with the amounts valued within the framework of CMB Financial Reporting Standards. Quoted companies are subject to dividend requirements regulated by the CMB as follows: Based on the CMB Decree 7/242, dated February 25, 2005, if the amount of profit distributions calculated in accordance with the net distributable profit requirements of the CMB does not exceed the statutory net distributable profit, the whole amount of distributable profit should be distributed. If it exceeds the statutory net distributable profit, the whole amount of the statutory net distributable profit should be distributed. There will be no profit distribution whether loss of the period is recognized either in the financial statements in accordance with CMB regulations or in the statutory financial statements. Based on the CMB Decree 1/6, dated January 9, 2009, the principles regarding to the distribution of the profit of 2008 operations of quoted companies subject to capital market is as follows: the minimum dividend distribution rate is 20% in accordance with the article 5 of Communiqué Serial: IV, No:27; the distribution may be made by either as cash or bonus shares to be issued to the shareholders by including the dividend in capital or a certain amount as cash and a certain amount as bonus shares in accordance with the resolution taken in general assembly meeting. (31)

14. EQUITY (cont d) Restricted Reserves Assorted from Net Profit, Revaluation Funds (cont d) Also, in accordance with the above mentioned Decree, companies that take their consolidated financial statements as basis for their distributable profit, shall consider the profits of their subsidiaries, joint ventures and associates to the extent that such profits do not exceed the amount recorded in the statutory financial statements of these companies and without considering whether a profit distribution resolution is taken at their annual general meetings. Such profits as reported in the financial statement as per CMB Communiqué Serial XI, No: 29 Financial Reporting Standards in Capital Market shall be subject to distributable dividend computations. As a result of the decision of CMB on January 27, 2010, there are no obligations for the minimum dividend payments subject to public incorporated companies whose shares are traded in the stock exchange. Inflation adjustment to shareholders' equity can only be netted-off against prior years' losses and used as an internal source in capital increase where extraordinary reserves can be netted-off against prior years' loss and used in the distribution of bonus shares and dividends to shareholders. Inflation adjustment to shareholders' equity, in the case of cash used for profit distribution will be subject to corporate income tax. December 31, 2010 Revaluation funds 7.443 8.907 -Available for sale financial assets 5.659 7.123 -Business combinations 1.784 1.784 December 31, 2010 Restricted reserves assorted from net profit 18.381 16.063 Retained Earnings As of and December 31, 2010 the summary of equity reserves, extraordinary reserves, other profit reserves, and retained earnings are as follows: December 31, 2010 Equity reserves 1.166 1.166 Extraordinary reserves 119.421 115.376 Other profit reserves 2.558 2.558 Retained earnings 1.430.963 1.255.627 Minority Interest Minority interests are separately classified in the interim consolidated financial statements. 1.554.108 1.374.727 (32)

15. OPERATING EXPENSES Non-Banking 87.722 45.646 83.865 48.384 Banking 73.250 37.765 44.810 17.606 160.972 83.411 128.675 65.990 Marketing, selling and distribution expenses 33.207 19.651 32.583 20.709 General administrative expenses 127.568 63.655 95.777 45.122 Research and development expenses 197 105 315 159 Non-Banking 160.972 83.411 128.675 65.990 Marketing, selling and distribution expenses 33.207 19.651 32.583 20.709 General administrative expenses 54.318 25.890 50.967 27.516 Research and development expenses 197 105 315 159 Banking 87.722 45.646 83.865 48.384 General administrative expenses 73.250 37.765 44.810 17.606 73.250 37.765 44.810 17.606 (33)

16. OTHER OPERATING INCOME/EXPENSE 16.1 Other Operating Income Income from agreements-financial leasing 2.369 1.686 2.200 1.042 Income from rent agreement transfer 812 812 - - Commission income 574 106 500 294 Gain on sale of property, plant and equipment 366 38 342 167 Rent income 187 84 239 133 Insurance compensation income 50 46 1.717 720 Reversal of provision for loan losses and other 15-147 (10.026) provisions Other 1.650 964 3.062 2.106 16.2 Other Operating Expense 6.023 3.736 8.207 (5.564) Provisions for loan losses and doubtful 22.434 17.252 10.797 10.677 receivables Financial leasing-provision for doubtful 11.819 9.881 3.803 2.111 receivables Administrative fine provisions (Note 12) 2.666 2.666 - - Donation 2.002 1.087 1.518 827 Financial leasing-agreement expenses 2.001 1.078 1.585 903 Other 6.172 5.496 3.453 2.486 17. FINANCIAL INCOME 47.094 37.460 21.156 17.004 Interest income 37.311 33.772 3.769 2.296 Foreign exchange gain 9.479 (7.618) 36.599 21.504 Other income 2.953 2.671 2.986 2.639 49.743 28.825 43.354 26.439 (34)

18. FINANCIAL EXPENSE Foreign exchange loss 35.838 14.290 25.014 9.433 Interest expense 34.531 28.733 12.710 6.472 Other expense 2.536 965 18.428 15.417 19. TAX ASSETS AND LIABILITIES 72.905 43.988 56.152 31.322 The Group is subject to taxation in accordance with the tax procedures and the legislation effective in the countries in which the Group companies operate. The corporation tax rate for the fiscal year is 20% in Turkey (2010: 20%). Corporate tax returns are required to be filed until the twentyfifth of the fourth month following the balance sheet date and paid in one installment until the end of the related month. The tax legislation provides for a provisional tax of 20% (2010: 20%) to be calculated and paid based on earnings generated for each quarter. The amounts thus calculated and paid are offset against the final corporate tax liability for the fiscal year. According to the Turkish Tax Law, corporate tax losses can be carried forward for a maximum period of five years following the year in which the losses were incurred. The tax authorities can inspect tax returns and the related accounting records for a retrospective maximum period of five years. In Turkey, the tax legislation does not permit to file a consolidated tax return. Therefore, provision for taxes, as reflected in the consolidated financial statements, has been calculated on a separate-entity basis. 19.1 Deferred Tax Assets and Liabilities The distribution of deferred tax assets and liabilities is as follows: December 31, 2010 Deferred tax asset 36.036 34.498 Deferred tax liability (-) (25.059) (15.153) Total deferred tax asset / (liability), net 10.977 19.345 The movement of net deferred tax asset as of the period ended on is as follows: Balance December 31, 2010 Recorded to income statement Balance Property, plant and equipment, and intangibles (24.086) (8.227) (32.313) Tax loss carried forward (*) 8.669 (3.344) 5.325 Employee termination benefit 3.319 192 3.511 Financial leases (1.109) 13 (1.096) Investment incentive 19.086 821 19.907 Other 13.466 2.177 15.643 Net deferred tax asset /(liability) 19.345 (8.368) 10.977 Reclassification to revaluation funds - - - (35) 19.345 (8.368) 10.977

19. TAX ASSETS AND LIABILITIES (cont d) The movement of net deferred tax asset as of the period ended on is as follows: Balance December 31, 2009 Recorded to income statement Balance Property, plant and equipment, and intangibles (15.455) (3.502) (18.957) Tax loss carried forward (*) 3.499 887 4.386 Employee termination benefit 2.798 225 3.023 Financial leases (1.136) 13 (1.123) Investment incentive 18.109 (161) 17.948 Other 8.968 4.080 13.048 Net deferred tax (liability)/asset 16.783 1.542 18.325 Reclassification to revaluation funds - (72) - 16.783 1.470 18.325 (*) As of, carry forward tax losses for which no deferred taxes calculated amount to TRL 43.705 (: TRL 17.785) 19.2 Tax Expense Income tax expense (-) (10.170) (5.563) (13.763) (6.889) Deferred tax (expense)/income (8.368) (5.891) 1.470 4.155 (18.538) (11.454) (12.293) (2.734) 19.3 Tax Provision Balance at January 1 1.792 2.544 Income tax expense 10.170 13.763 Prepaid tax (-) (6.655) (9.546) Balance at the end of the period 5.307 6.761 (36)

20. RELATED PARTY BALANCES AND TRANSACTIONS 20.1 Bank Balances with Related Parties December 31, 2010 Anadolu Efes (1) 202.349 144.388 Real Person 125.381 89.349 Coca-Cola İçecek A.Ş. (3) 80.531 - Anadolu Isuzu (2) 39.394 12.532 Özilhan Sınai Yatırım A.Ş. (5) 38.705 18.872 Tarbes Tarım Ürünleri ve Besicilik San.Tic. A.Ş. (Tarbes) (3) 30.185 26.669 Anadolu Eğitim ve Sosyal Yardım Vakfı (5) 29.645 - Coca-Cola Satış ve Dağıtım A.Ş. (3) 1.343 59.407 Other 20.763 11.622 568.296 362.839 20.2 Due from Related Parties December 31, 2010 Anadolu Etap Tarım ve Gıda A.Ş. (3) 8.064 6.094 ZAO Moscow Efes Brewery (Efes Moskow) (3) 5.839 3.315 Anadolu Eğitim ve Sosyal Yardım Vakfı Sağlık Tes. İkt. İşl. (5) 2.954 3.953 JSC Efes Karaganda Brewery (Efes Karaganda) (3) 2.423 601 Coca-Cola İçecek A.Ş. (3) 1.525 298 Krasny Vostok Group (3) 1.244 793 Coca-Cola Satış ve Dağıtım A.Ş. (3) 1.095 859 Anadolu Efes (1) 683 2.060 Anadolu Isuzu (2) 629 472 Efes Pazarlama Ticaret A.Ş. (Efpa) (3) 480 889 Other 2.432 917 27.368 20.251 As of, there is loan amount to TRL 324 given to the related parties (December 31, 2010: None). As of, TRL 1.411due from related parties is included in other liabilities and blocked accounts at the financial statement of the bank (December 31, 2010: TRL 623).As of, the non-cash loan amount given by the bank to related parties is TRL 45.682 (December 31, 2010: TRL 49.511). As of the short term portion of due from related parties is amount to TRL 21.268 (December 31, 2010: TRL 15.046), and the long term portion is TRL 6.100 (December 31, 2010: TRL 5.205). (1) An associate (2) A joint venture (3) A Company controlled by an associate (4) Shareholder of the Company (5) Other (37)

20. RELATED PARTY BALANCES AND TRANSACTIONS (cont d) 20.3 Due To Related Parties December 31, 2010 Anadolu Isuzu (2) 68 365 Anadolu Etap Tarım ve Gıda A.Ş. (3) 39 - Dividend payable to shareholders 32 26 Efpa (3) 8 148 Ana Gıda (2) - 457 Other 35 9 There is no long term amount of due to related parties as of (December 31, 2010: None). 20.4 Related Party Transactions Terms and conditions of transactions with related parties 182 1.005 Outstanding balances at the end of the period are unsecured, interest free and settlement occurs in cash. There have been no quarantees provided or received for any related party receivables or payables. For the year ended June 30, 2011, the Group has not recorded any impairment of receivables, relating to amounts owned by related parties (December 31, 2010: None). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related parties operate. Significant transactions with related parties during the year ended as of and are as follows: Sales of goods and services, net Efes Breweries International N.V. (3) 13.501 10.778 7.638 5.171 Anadolu Efes (1) 12.192 6.478 11.521 4.841 Efpa (3) 10.972 6.241 9.250 5.030 Coca-Cola Satış ve Dağıtım A.Ş. (3) 6.483 3.352 4.564 2.147 Anadolu Isuzu (2) 3.790 1.921 3.614 1.974 Tarbes (3) 2.497 1.491 2.462 1.597 Anadolu Eğitim ve Sosyal Yardım Vakfı Sağlık Tes. İkt. İşl. (5) 1.070 547 1.147 629 Ana Gıda (2) 855 418 664 290 Efes Vitanta Moldova Brewery SA (3) 213 19 201 19 Other 2.619 1.286 1.683 452 (1) An associate (2) A joint venture (3) A Company controlled by an associate (4) Shareholder of the Company (5) Other 54.192 32.531 42.744 22.150 (38)

20. RELATED PARTY BALANCES AND TRANSACTIONS (cont d) 20.4 Related Party Transactions (cont d) Purchases of goods and other charges Anadolu Eğitim ve Sosyal Yardım Vakfı (5) 1.935 1.084 1.365 775 Anadolu Isuzu (2) 362 171 456 217 Other 111 71 434 91 2.408 1.326 2.255 1.083 Interest and other financial income (banking) Anadolu Etap Tarım ve Gıda A.Ş. (3) 259 129 144 76 Anadolu Saglik Merkezi İktisadi İsletmesi (5) 186 82 326 147 Anadolu Efes (1) 177 91 168 82 Anadolu Isuzu (2) 142 64 103 53 Kamil Yazıcı Yönetim ve Danışma A.Ş. (4) 113 113 16 12 Efpa (3) 60 43 57 32 Ana Gıda (2) 48 17 178 65 Other 52 2 116 32 (1) An associate (2) A joint venture (3) A Company controlled by an associate (4) Shareholder of the Company (5) Other 1.037 541 1.108 499 (39)

20. RELATED PARTY BALANCES AND TRANSACTIONS (cont d) 20.4 Related Party Transactions (cont d) Interest and other financial expense (banking) Anadolu Efes (1) (*) 6.174 4.155 2.464 991 Coca-Cola İçecek A.Ş. (3) 1.622 1.316 50 16 Tarbes (3) 1.214 659 851 383 Özilhan Sınai Yatırım A.Ş. (5) 1.059 657 777 432 Anadolu Eğitim ve Sosyal Yardım Vakfı (5) 710 554 375 362 Anadolu Isuzu (2) 672 411 425 247 Kamil Yazıcı Yönetim ve Danışma A.Ş. (4) 113 101 390 214 Efpa (3) 19 19 26 18 Efes Pilsen Spor Kulübü (5) - - 487 310 Other 573 128 335 16 12.156 8.000 6.180 2.989 (*) Interest rate range for TRL deposits is between 7% and 10, 35 % and interest rate for USD deposits is 5, 2%. Various sales included in other income (includes dividends received) Efpa (3) 103 96 41 18 Anadolu Isuzu (2) 44 23 32 16 Polinas (5) 29 15 28 14 Ana Gıda (2) 25 17 16 3 Coca-Cola İçecek A.Ş. (3) 4 2 452 449 Coca-Cola Satış ve Dağıtım A.Ş. (3) 4 2 348 346 Other 12 11 22 7 (1) An associate (2) A joint venture (3) A Company controlled by an associate (4) Shareholder of the Company (5) Other 221 166 939 853 (40)

20. RELATED PARTY BALANCES AND TRANSACTIONS (cont d) 20.4 Related Party Transactions (cont d) Compensation of Key Management Personnel of the Group Group has defined the key management personnel as follows; the managers directly reporting to the general manager and board of directors, in ABank the board of directors, general manager and the assistant general manager, and the board of directors and general managers in the rest of the subsidiaries. The details of benefits provided to the key management personnel for the periods ended on and June 30, 2010 are as follows: Short term benefits provided to key management 10.494 4.839 9.143 3.950 personnel Post-employment benefits 88 49 480 83 Total gain 10.582 4.888 9.623 4.033 Social Security employer share 229 119 219 109 Other The Company and its subsidiaries other than McDonald s, Hamburger and AYO are obligated to donate 1% - 5% of their profit before corporate tax and such fiscal obligations to Anadolu Eğitim ve Sosyal Yardım Vakfı as stated in the entities foundation agreements as long as these donations are exempt from tax. As of, donations amount to TRL 2.046 (: TRL 1.515). The Company and its subsidiaries other than McDonald s, Hamburger, ABank, AYO, Anadolu Motor, AYatırım and Ülkü, distribute a 5% dividend of their net profit to the board members, which is the amount left after the legal reserves and the first dividend are deducted consecutively. If a representative executes board membership for a company, the executive board dividend of that representative is recorded as board members dividend income at the related company. (41)

21. FINANCIAL INSTRUMENTS, NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS Financial Risk Management Objectives and Policies Banking Currency Risk ABank centralized their currency risk and assigned Treasury Department to manage this risk. In principal, the balance sheet is assumed to be currency risk free. Any residual currency risk is treated as trading risk and it is subject to Value-at-Risk limits and nominal limits set by the Board. The details of ABank s and ALease s assets, liabilities and off- balance-sheet items in foreign currency are as follows: TRL USD EUR Other Total 30.06.2011 Assets Cash and balances with the Central Bank 336.399 225.585 10.374 352 572.710 Deposits with banks and other financial institutions 27.636 12.454 19.407 994 60.491 Financial assets at fair value through profit and loss 113.160 371 5-113.536 Derivative financial instruments receivables 35.516 563 - - 36.079 Banking loans 2.330.201 1.009.332 550.062-3.889.595 Available for sale financial assets 243.214 22.800 - - 266.014 Held to maturity financial assets 436.768 - - - 436.768 Financial lease receivables 52.767 67.453 138.314-258.534 Investments in Associates 17 - - - 17 Assets held for sale 30.124 - - - 30.124 Property, plant and equipment 20.259 - - - 20.259 Intangible assets 3.302 - - - 3.302 Deferred tax assets 31.253 - - - 31.253 Other assets 110.029 16.794 1.650-128.473 Total Assets 3.770.645 1.355.352 719.812 1.346 5.847.155 Liabilities Customers deposits 2.191.905 767.703 329.404 3.877 3.292.889 Deposits from other banks 414.975 69 8-415.052 Funds borrowed 58.732 599.538 622.111-1.280.381 Trade payables 1.272 748 240-2.260 Derivative financial instruments 24.360 - - - 24.360 Income tax payable 296 - - - 296 Other liabilities and provisions 759.152 38.614 33.563 588 831.917 Total Liabilities 3.450.692 1.406.672 985.326 4.465 5.847.155 Net on-balance sheet position 319.953 (51.320) (265.514) (3.119) - Net nominal amount of derivatives (294.751) 73.965 235.586 4.138 18.938 Net foreign currency position 25.202 22.645 (29.928) 1.019 18.938 31.12.2010 Total Assets 2.956.034 1.035.083 584.089 1.132 4.576.338 Total Liabilities 2.641.969 1.123.297 808.060 3.012 4.576.338 Net on-balance Sheet Position 314.065 (88.214) (223.971) (1.880) - (42)

21. FINANCIAL INSTRUMENTS, NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (cont d) Financial Risk Management Objectives and Policies (cont d) Banking (cont d) Currency Risk (cont d) Foreign currency sensitivity The following table details the Group s (Banking) sensitivity to a 10% change in USD and EUR rates against relevant foreign currency. A positive number indicates an increase/decrease in profit or loss where the USD and EUR rates change by 10% against relevant foreign currency. Change in exchange rate % Effect on profit / loss December 31, 2010 USD +/-%10 +/-2.297 +/-1.706 EUR +/-%10 +/-2.993 +/-1.624 Non-Banking The Group s principal financial instruments comprise bank borrowings, finance leases, and cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The main risks arising from the Group s financial instruments are foreign currency risk, interest rate risk, price risk, credit risk and liquidity risk. The Group manages these risks as stated below. The Group also monitors the market price risk arising from all financial instruments. Foreign currency risk The Group predominantly operates in Turkey. The following table summarizes the exchange rate of Turkish Lira to 1 USD and 1 EUR: Exchange buying rate at December 31, 2010 Average exchange buying rate in the period Exchange buying rate at TRL /USD Turkey 1,5460 1,5641 1,6302 TRL /EUR Turkey 2,0491 2,1945 2,3492 The Group does not hedge investments, receivables, accounts payables, lease obligations and borrowings denominated in a foreign currency. The Group does not hedge their estimated foreign currency exposure in respect of sales and purchases. Foreign currency risk arises from the EUR, USD, GBP, JPY, CAD, NOK denominated assets and liabilities of the Group. The Group has transactional currency exposures. Such exposures arise from sales or purchases or borrowings by the Group in currencies other than the Group s functional currency. The Group manages foreign currency risk by using natural hedges that arise from offsetting foreign currency denominated assets and liabilities. (43)

21. FINANCIAL INSTRUMENTS, NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (cont d) Financial Risk Management Objectives and Policies (cont d) Non-Banking (cont d) Foreign currency risk (cont d) 30.06.2011 TRLEquivalent (Functional currency) Thousand USD Thousand EUR Thousand GBP Thousand JPY 1. Trade receivables 5.044 1.366 1.199 - - 2a. Monetary financial assets (cash and cash equivalents included) 13.795 4.023 3.037 39-2b. Non - monetary financial assets - - - - - 3. Other - - - - - 4. Current assets (1+2+3) 18.839 5.389 4.236 39-5. Trade receivables - - - - - 6a. Monetary financial assets - - - - - 6b. Non - monetary financial assets - - - - - 7. Other 532 312 10 - - 8. Non - current assets (5+6+7) 532 312 10 - - 9. Total assets (4+8) 19.371 5.701 4.246 39-10. Trade payables 6.097 3.586 107 - - 11. Short - term borrowings and current portion of long - term borrowings 201.877 24.605 68.860 - - 12a. Monetary other liabilities 57 35 - - - 12b. Non - monetary other liabilities - - - - - 13. Current liabilities (10+11+12) 208.031 28.226 68.967 - - 14. Trade payables - - - - - 15. Long - term borrowings 40.085-17.063 - - 16 a. Monetary other liabilities 342 210 - - - 16 b. Non - monetary other liabilities - - - - - 17. Non - current liabilities (14+15+16) 40.427 210 17.063 - - 18. Total liabilities (13+17) 248.458 28.436 86.030 - - 19. Off balance sheet derivative items net asset / (liability) position (19a-19b) - - - - - 19a. Total hedged assets - - - - - 19b. Total hedged liabilities - - - - - 20. Net foreign currency asset / (liability) position (9-18+19) (229.087) (22.735) (81.784) 39-21. Monetary items net foreign currency asset / (liability) position(=1+2a+5+6a-10-11-12a-14-15-16a) (229.619) (23.047) (81.794) 39-22. Total fair value of financial instruments used to manage the foreign currency position 23. Export 13.072 7.187 681 - - 24. Import 203.775 40.575 59.778 99 45 (44)

21. FINANCIAL INSTRUMENTS, NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (cont d) Financial Risk Management Objectives and Policies (cont d) Non-Banking (cont d) Foreign Currency Risk (cont d) 31.12.2010 TRL Equivalent (Functional currency) Thousand USD Thousand EUR Thousand GBP Thousand JPY 1. Trade receivables 3.131 668 1.024 - - 2a. Monetary financial assets (cash and cash equivalents included) 83.946 16.485 28.413 100-2b. Non - monetary financial assets - - - - - 3. Other 7 5 - - - 4. Current assets (1+2+3) 87.084 17.158 29.437 100-5. Trade receivables - - - - - 6a. Monetary financial assets - - - - - 6b. Non - monetary financial assets - - - - - 7. Other 487 302 10 - - 8. Non - current assets (5+6+7) 487 302 10 - - 9. Total assets (4+8) 87.571 17.460 29.447 100-10. Trade payables 6.536 4.152 57 - - 11. Short - term borrowings and current portion of 128.735 23.194 45.326 - - long - term borrowings 12a. Monetary other liabilities 201 48 62 - - 12b. Non - monetary other liabilities - - - - - 13. Current liabilities (10+11+12) 135.472 27.394 45.445 - - 14. Trade payables - - - - - 15. Long - term borrowings 102.272 10.000 42.366 - - 16 a. Monetary other liabilities 325 210 - - - 16 b. Non - monetary other liabilities - - - - - 17. Non - current liabilities (14+15+16) 102.597 10.210 42.366 18. Total liabilities (13+17) 238.069 37.604 87.811 - - 19. Off balance sheet derivative items net asset / (liability) position (19a-19b) - - - - - 19a. Total hedged assets - - - - - 19b. Total hedged liabilities - - - - - 20. Net foreign currency asset / (liability) position (9-18+19) (150.498) (20.144) (58.364) 100-21. Monetary items net foreign currency asset / (liability) position position (=1+2a+5+6a-10-11-12a-14-15-16a) (150.992) (20.451) (58.374) 100-22. Total fair value of financial instruments used to manage the foreign currency position - - - - - 23. Export 21.799 12.680 1.339-111 24. Import 326.455 70.065 109.194 79 2.400 (45)

21. FINANCIAL INSTRUMENTS, NATURE AND LEVEL OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (cont d) Financial Risk Management Objectives and Policies (cont d) Non-Banking (cont d) Foreign Currency Risk (cont d) Change in the USD against TRL by 10% +/-: Foreign currency position sensitivity analysis Income / (loss) Income /( loss) Increase of the Decrease of the foreign currency foreign currency 1- USD denominated net asset / liability (7.087) 7.087 2- USD denominated hedging instruments(-) - - 3- Net effect in USD (1+2) (7.087) 7.087 Change in the EUR against TRL by 10% +/-: 4- Euro denominated net asset / liability (19.618) 19.618 5- Euro denominated hedging instruments(-) - - 6- Net effect in Euro (4+5) (19.618) 19.618 Change in the other foreign currencies against TRL by 10% +/-: 7- Other foreign currency denominated net asset / liability 10 (10) 8- Other foreign currency hedging instruments(-) - - 9- Net effect in other foreign currency (7+8) 10 (10) TOTAL (3+6+9) (26.695) 26.695 Change in the USD against TRL by 10% +/-: Foreign currency position sensitivity analysis December 31, 2010 Income / (loss) Income /( loss) Increase of the Decrease of the foreign currency foreign currency 1- USD denominated net asset / liability (3.115) 3.115 2- USD denominated hedging instruments(-) - - 3- Net effect in USD (1+2) (3.115) 3.115 Change in the EUR against TRL by 10% +/-: 4- Euro denominated net asset / liability (11.959) 11.959 5- Euro denominated hedging instruments(-) - - 6- Net effect in Euro (4+5) (11.959) 11.959 Change in the other foreign currencies against TRL by 10% +/-: 7- Other foreign currency denominated net asset / liability 24 (24) 8- Other foreign currency hedging instruments(-) - - 9- Net effect in other foreign currency (7+8) 24 (24) TOTAL (3+6+9) (15.050) 15.050 (46)

22. SUBSEQUENT EVENTS Regarding Adel s, which is a subsidiary of the Company, Board of Directors decision numbered 2011/18 and dated 25 July 2011 and the same day special case announcement made for Public Disclosure Platform, it has been decided to sign all the related proceedings and the contracts and give authority to the board of Adel about the contribution into the establishing Company titled LLF Faber-Castell Anadolu s capital with 50% equivalent Ruble 77.000.000 (approximately USD 2.750.000). Registered office of the establishing Company will be in Moscow in order to be engaged in commercial activity with Russian Federation. Adel and Adel s one of shareholders named Faber-Castell Aktiengesellschaft has the same share on the establishing Company and will conduct it with the basis of joint venture. At the Board of Directors meeting dated July 11, 2011, Anadolu Elektronik, which is a subsidiary of the Company, ruled for a capital decrease in the amount of TRL 15.475, from TRL 15.525 to TRL 50, in accordance with Turkish Commercial Code Communiqué No. 396-398 and the Expert Report dated June 21, 2011 provided by the Kadiköy Commercial Court of First Instance. In accordance with the decision for capital decrease and the expert group report, it was decided to perform the payment of capital decrease to the shareholders in cash in proportion to their percentage of shares held and to cancel the shareholders stakes in proportion to the capital decrease. GUE which is a subsidiary of the Company, borrows long term project finance loan related to construction of a hydroelectric power plant with a capacity of 87 MW in Georgia amounting to full USD 115.500.000. Loan is borrowed under the leadership European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC), term of 15 years maturity with the first 4 year period are none-refundable. Moreover, AEH which is a subsidiary of the Company is a guarantor for the period until the start of electricity production. In addition to financing, EBRD also participate in GUE capital, amounting to full USD 5.000.000. 23. BANKING LOANS December 31, 2010 Performing loans 3.732.304 3.145.222 Loans under close monitoring 87.684 10.892 Loans under legal follow - up 165.679 150.049 Total loans 3.985.667 3.306.163 Specific allowance for impairment (-) (57.537) (52.967) Collective allowance for impairment(-) (43.878) (29.269) Total Provisions (-) (101.415) (82.236) 3.884.252 3.223.927 The TRL 3.253.618 amount of Banking Loans covers (December 31, 2010: TRL 2.788.932) current loans and TRL 630.634 amount covers (December 31, 2010: TRL 434.995) non-current loans. (47)

24. BANKING CUSTOMERS DEPOSITS December 31, 2010 Deposits from other banks 415.052 309.062 Customers deposits 3.217.205 2.356.021 3.632.257 2.665.083 TRL 3.624.361is the current portion of Deposits (December 31, 2010: TRL 2.658.295). The non-current portion of Deposits as of is TRL 7.896 (December 31, 2010: 6.788). 25. FUNDS BORROWED December 31, 2010 Foreign institutions and banks Syndication loans 387.780 298.092 Subordinated debt 171.512 162.374 Other 494.026 176.286 Total foreign 1.053.318 636.752 Total domestic 227.063 392.274 1.280.381 1.029.026 Funds borrowed amounting to TRL amount of 822.588covers (December 31, 2010: TRL 624.604) current funds borrowed and TRL 457.793amount covers (December 31, 2010: TRL 404.422) non-current funds borrowed. (48)